Riot Platforms reported robust outcomes for its Q1 final week.
HCW analyst raised his PT on Riot Platforms stock immediately.
Mike Colonnese defined his bullish view in a analysis notice.
Shares of Riot Platforms Inc have already greater than tripled this 12 months however an H.C. Wainwright analyst says additional upside will unravel transferring ahead.
Riot Platforms stock has upside to $13.50
On Monday, Mike Colonnese reiterated his purchase score on the bitcoin miner and raised his worth goal to $13.50 a share – up another 22% from right here.
His bullish notice on Riot Platforms stock arrives solely days after the corporate stated a variety of its key working metrics, together with hash charge, pushed to a report excessive in its first quarter.
With robust steadiness sheet and vital runway for future mining growth, RIOT is properly positioned to outpace progress of community hash charge over the subsequent 12 months.
Riot sees its combination hash charge to climb from 10.5 EH/s in Q1 to 12.5 EH/s within the again half of 2023.
Riot Platforms income was up 22% sequentially
At $73 million, the Nasdaq-listed agency got here in shy of consensus estimates for income in its lately concluded quarter.
But the HCW analyst stays constructive on Riot Platforms stock because the income nonetheless represented a whopping 22% sequential progress. His analysis notice additionally stated:
A premium is warranted given Riot Platforms’ business main working capability, low electrical energy prices, and powerful steadiness sheet.
Other notable figures within the firm’s earnings launch embrace a 51% year-on-year improve in bitcoin produced and mining margins that greater than doubled versus the earlier quarter. Note that the bitcoin miner has already touched $13.50 (Mike Colonnese’s worth goal) as soon as this 12 months.
